Sam Kazemian, the founder of decentralized finance protocol Frax Finance, has pointed fingers at what he describes as an "inside job" at X, suggesting that a "serial scammer" is behind the hack of the project's X account.

In a Telegram post on June 3, Kazemian expressed confidence in identifying the individual responsible for the hack, attributing it to someone known to blockchain investigator ZachXBT as a "serial scammer." He emphasized that the Frax Finance team was not compromised through phishing or a security breach but rather believes the hack to be an internal matter within X.

The incident, occurring in early June, has raised concerns about potential vulnerabilities within X's infrastructure, as similar breaches have been attributed to insider actions in the past. Notably, the compromised Frax Finance X account remains active, although no new posts have been observed.

This episode adds to a series of security breaches within the crypto space, with several projects reporting insider involvement in recent incidents. Despite the severity of the situation, neither X nor its CEO, Elon Musk, has publicly addressed the matter.

In late May, a crypto trader known as GCR reported a similar breach involving bribery, resulting in a pump-and-dump scheme for the ORDI token. ZachXBT subsequently suggested potential developer involvement from the Solana-based memecoin CAT in that incident. However, it remains unclear whether the same group is responsible for the attack on Frax Finance.

As the investigation unfolds, stakeholders are closely monitoring developments in the pursuit of accountability and enhanced security measures within the crypto ecosystem.